Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jim Cummings

Jim Cummings has started 88 posts and replied 1161 times.

Post: Rethinking REI Strategy

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Jennifer S. Welcome to the great State of TEXAS - your future (to be found) home of the Free - because of the Brave! The only requirement is to not bring MA politics along with you. 

Even with our High Property taxes you'll probably be money ahead selling your higher priced MA properties and reinvesting in Texas.

Let me know if I can answer any questions. 

Post: Do I need a license to manage my residential (LLC owned) property in TX?

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Benito Lara. As long as you are managing your own property you DO NOT need a real estate license. If you manage properties for someone else - you DO NEED a RE License in Texas. Other states may vary!

Post: Pls help this newbie with rehab computation & negotiation

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Jona Santiago. If you know the SF for flooring, you can buy (I recommend) a product called Luxury Vinyl Plank (LVP). You can find it at Lumber Liquidators, Lowe's Home Depot, other flooring stores, etc. Cost will run from about $1.00 - $3.00 Per SF, dependent upon the thickness and style you choose. Anticipate paying around $2.50 - $4.00 per SF to have installed. You'll also need Quarter Round to complete the look. Best price I've found recently is at Lowe's in the bundle package.   

You can also price the siding at any of the big box stores. Measure one exterior wall and estimate other from there to get a ball park costs. If you plan to keep the buildings - suggest you use a Hardie-Plank siding. I had a SFR redone with Hardie-Plank last year and it costs about $18,500 for the job, to include some gutter work.

Negotiation: What do you think ARV is? Price you pay should be ARV Minus whatever part of repairs you are willing to absorb. Ideally your RE Agent can shed some light on this along with a sense of how motivated Seller is to Sell.

Reach out with any other specific questions you might have.  

Post: First time LL / Property Management Company

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Tyler Barton. Sounds like all you need is a good reliable PM!

Post: First time LL / Property Management Company

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Tyler Barton. Congratulations on your new promotion. 

Seems you feel very confident in the viability of the FTW market for next several years.  I would agree. 

QUESTIONS: 

1. Is your home in Ft Worth in sufficiently good condition that will require little or no maintenance in next few years? 

2. Do you have sufficient reserves to absorb an unexpected HVAC replacement or some other $10,000 Repair / Replacement. If so probably worth the gamble.  

Post: The Rise of Waco, TX as a Prime Market for REI

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Joshua Carvalho. Thanks for the well thought post on a resurgent Waco.

Post: K-12 Construction Superintendent / REI Hopeful

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Hayden Helm. Sounds like a workable plan.

Find yourself a Lender you feel comfortable with and get yourself Pre-Approved for a Loan and GO for it!

Post: Finding creative ways to purchase second unit

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Devin Johnson. NO - FHA available to anyone. you could be buying your 43rd house and use an FHA loan as long as you didn't have more than 4 other FHA Loans outstanding (I may be wrong on the number of FHA loans you can at anyone time). Hopefully, a Lender will jump in with the correct number of FHA loans one person can have at anytime.

Post: Looking to move to Texas

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Jaime Martinez Jr. Sounds like the Metro areas around DFW, Austin, San Antonio or Houston would be best landing spots. There are surrounding towns near each that would be more economical than living in the downtown urban areas.

Good luck and welcome to Texas Yall! 

Post: Finding creative ways to purchase second unit

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Devin Johnson. With using a VA Loan - you probably don't have a lot of your own money in the property. You may be able to rent out house # 1 and buy house number # 2 using an FHA loan, as you will not be able to use your VA again as long as it tied up with house # 1.